The Good Book Guide has called in insolvency practitioners Begbies Traynor to deal with the liquidation of the company.
A spokesman for the practitioners said GBG director Richard Hicks made the decision as it "can't satisfy its debts as they fall due".
A meeting of shareholders is to be held on 1st September, followed by a creditors' meeting later the same day. It is understood that reviewers for the monthly book recommendations magazine are among those owed money. The company also sells books online although the spokesperson would not comment on whether there were any publishers among the creditors.
Two members of staff, editor Fiona Lafferty and assistant editor Rosemary Cardus, have been made redundant. However, the Begbies Traynor spokesperson said "no figure of debt" was available and it was "too early to say" whether creditors would get their money back.
Begbies Traynor is "speaking to interested parties who want to buy the goodwill and trading name of the Guide", he added.
No issue of the Guide has been published since April.
Hicks could not be reached for comment.